Multiple Choice
How much must be deposited on January 1, 2007 in a savings account paying 6% annually in order to make annual withdrawals of $20,000 at the end of the years 2007 and 2008? The present value of one at 6% for one period is .9434.
A) $36,668
B) $37,740
C) $40,000
D) $17,800
Correct Answer:
Verified
Correct Answer:
Verified
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